Hear me out.
We clear Turkoglu, who is declining badly, and bring in two low risk/potentially high reward players in Bynum and Odom.
If Bynum doesn't work out, his contract can be terminated at the end of the season. Odom's contract also essentially expires at the end of the season.
Trade bait and/or we clear some space before CP3 and Deron Williams become unrestricted free agents.
If we can waive Arenas after the new CBA (assuming the sleeping giant does not awaken) we could be in serious business.